UK Developer Secures $763 Million Loan for Burnaby Rental Project

A significant boost to housing development has emerged as the U.K.-based developer Grosvenor secured a historic $763 million loan from the Canadian government for its ambitious residential project, the Brentwood Block, located in Burnaby, British Columbia. This funding is part of the federal government’s Apartment Construction Loan Program (ACLP) and represents the second-largest loan of its kind in Canada.

The Brentwood Block is poised to become a landmark in Metro Vancouver, marking Grosvenor’s largest project in the region to date. The first phase will feature a 41-storey strata-titled condominium tower alongside two purpose-built secured rental housing towers. Collectively, these three initial towers will provide 1,731 homes, comprising 1,279 rental units and 451 condominium units. Additionally, the complex will include 160,000 square feet of retail and commercial space.

Grosvenor has indicated that potential buyers can secure ownership with a deposit as low as ten percent, split between five percent now and five percent in 2026, with prices starting in the mid-$500,000s. The development is set to enhance the community with a new City of Burnaby community centre, public plazas, and outdoor amenity spaces.

Government Support for Housing Initiatives

The federal government’s investment is a strategic move to address housing shortages across Canada. Gregor Robertson, the current Canadian Minister of Housing and former mayor of Vancouver, emphasized the importance of such projects. He stated, “We need to build more, build better, and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in British Columbia and across the country.” Robertson highlighted the government’s commitment to strengthening communities through initiatives like the Brentwood Block.

Burnaby Mayor Mike Hurley also expressed pride in the project, noting that it represents Western Canada’s tallest all-rental tower, contributing to a new transit-oriented and amenity-rich neighbourhood. This development exceeds the height of other future rental housing towers planned in the Vancouver area, including those at the Oakridge Park and Senakw projects.

The $763 million loan is part of a broader initiative by the Canada Mortgage and Housing Corporation (CMHC), which has committed a total of $24.9 billion through the ACLP to support the creation of over 63,500 rental homes as of June 2025.

According to reports, as of late May 2025, more than 30 percent of the 451 condominium units had already been sold, indicating strong demand for the new housing options being introduced in the area.

This substantial investment not only aims to increase the supply of housing for middle-class Canadians but also to foster community development at minimal cost to taxpayers. As Grosvenor noted, the funding represents a fully repayable, low-interest loan designed to stimulate the construction of much-needed rental properties.

The Brentwood Block project stands as a testament to the collaborative efforts between government and private developers in addressing significant housing needs in Canada.